Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to affiliates of Certes Partners, the Hakimian Organization and Red Pine Capital Partners in arranging $59,400,000 for the construction financing of The Enclave, a 113-unit multifamily project in Harlem.
The floating-rate financing was provided by affiliates of SCALE Lending.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala, Alex Lapidus and Meredith Donovan represented the borrower.
The Enclave is a Class A, transit-oriented, residential development located at 212 East 125th Street through 215 East 124th Street in East Harlem. The project will feature retail frontage along 125th Street and a residential lobby on 124th Street.
The Enclave will also feature 1,500 s/f of private courtyard space, 34 parking spaces and amenities including a fitness center, lounges and outdoor patios. The project benefits from both an opportunity zone designation and an Affordable New York real estate tax abatement.
The site, stretching block-through between 125th and 124th Street, is one block from the 125th Street subway station and Metro North train station and five blocks from the 2 and 3 subway lines. The newly planned Second Avenue subway extension on 125th Street will be just a half block from the site.
“With major firms such as Blackstone, Apple and Facebook expanding their presence in Manhattan, we are excited about the future growth of New York City. This is a 10-year project in a QOZ. It’s a block-through, neighborhood-defining project with two towers, outdoor space and exciting new retail,” said Certes Partners principal Elan Hakimian.
Certes Partners principal Sunder Jambunathan added, “We’ve been developing continuously in New York City since 2013. We’ve seen ups and downs, but New York City always rebounds and returns better than ever.”